'World's cheapest millionaire' eats cat food, refuses to buy anything new to save money

A woman who claims to be the "world's cheapest multi-millionaire" has revealed she never spends money on anything new and even eats cat food to keep her bills low. Photo / TLC

A woman who claims to be the "world's cheapest multi-millionaire" has revealed she never spends money on anything new and even eats cat food to keep her bills low.

Despite having a net worth of $7.39 million (US$5.33), Aimee Elizabeth says she refuses to spend more than $1400 on her monthly budget.

The 50-year-old from Las Vegas who appeared on TLC's Extreme Cheapskates, says she has figured out how to save money in every single aspect of her day-to-day life.

Elizabeth said on the show she keeps her water heater off, only turning it on 22 minutes before her shower and turning it off straight after.

"I set it for 22 minutes so I know exactly when my shower's ready because God forbid I waste another minute on that water heater."

A woman who claims to be the "world's cheapest multi-millionaire" has revealed she never spends money on anything new and even eats cat food to keep her bills low. Photo / TLC

She says the move saves her about $105 per month.

Elizabeth also revealed she saves close to $280,000 a year by not buying anything new.

But one element of her savings is turning heads for the wrong reasons.

The 50-year-old revealed she replaces buying cans of tuna with cat food in order to save her 30 cents a can.

She said the cat food she eats is chicken or tuna in light gravy.

Elizabeth also admitted that she has fed cat food to her human guests.

The self-confessed "world's cheapest multi-millionaire" refuses to spend money where she doesn't have to, replacing canned tuna with cat food. Photo / TLC

Another questionable tactic she uses to save money is reusing the same old cleaning sponge until it's "falling apart" and only uses one knife which she will not wash.

When leaving for her regular business trips to LA she drives four hours each way in her 17-year-old car in order to save on the $350 airfare.

When the car had a problem and after being told by mechanics to fork out the money for repairs, she instead headed to the airport and hitched a free ride from a pilot.

She said: "When I go to these extremes I think people see it and it annoys a lot of them but I don't care.

"It saves money."